Reference no: EM132961852
Falcons Corp. has the following portfolio of common shares without significant influence at December 31, 2020:
Albania Inc. $ 480,000 $ 570,000
Bulgaria Ltd. 90,000 620,000
Slovakia Ltd. 75,000 75,000
Czech Corp. 220,000 120,000
Total $ 865,000 $ 1,385,000
Instructions
Problem 1: Provide the entries to record the year-end adjustments for these FV-NI investments, assuming Falcons uses separate accounts for each investment holding.
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How provide the entries to record the year-end adjustments
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Prepare the entries on the books of lions to record
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Record the entries recording the consignment required
: Record entries recording this consignment required by the two companies on July 2. On July 2, Packers Corp. ships merchandise costing $ 460,000 on consignment
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Provide the entries to record the year-end adjustments
: Provide the entries to record the year-end adjustments for these FV-NI investments, assuming Falcons uses separate accounts for each investment holding.
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